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GemCoin Investors Seek $100 Million in Class Action Lawsuit

An $100m class action lawsuit has been filed on behalf of victims of an alleged Ponzi scheme involving the fake cryptocurrency 'Gemcoin' days after a US Securities and Exchange Commission (SEC) crackdown.

The complaint, filed Monday by The Liu Law Group at the Los Angeles Superior Court, claims the scheme defrauded thousands of Chinese and Chinese-American investors beginning in 2014. It follows an SEC complaint late last month and a seizure of assets from the company’s Arcadia headquarters on 1st October.

The documents name 10 defendants allegedly involved in the Gemcoin scandal, including Steven Chen, who oversaw the alleged scam, and John Wuo, former mayor of Arcadia City who has resigned from his position as a city councilman in the wake of the lawsuit filing.